What is the Historic and Current Scenario of the Plant Extracts Market?
The plant extracts market has seen considerable growth due to a variety of factors.
• The market for plant extracts has seen a potent expansion in its size in the past few years. The projection is that it will escalate from $30.31 billion in 2024 to $33.16 billion in 2025, boasting a compound annual growth rate (CAGR) of 9.4%.
The historical growth has been due to factors like enhanced consumer awareness, a surge in the demand for natural components, wider use in the pharmaceutical sector, and the globalization of trade.
What are the Forecasted Growth and Key Factors of the Plant Extracts Market?
The plant extracts market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations suggest a swift expansion in the plant extracts market size in the forthcoming years. It is projected to attain a value of $49.2 billion in 2029, with a compound annual growth rate (CAGR) of 10.4%.
This growth in the prognosticated timeframe is linked to the increasing acceptance of functional foods, burgeoning cosmetics, and personal care sector, governmental encouragements for herbal products, and considerations for environmental sustainability. Notable trends during the projected period encompass escalated research and development activities, progression in extraction techniques, attention on superfoods, customization of nutraceuticals, breakthroughs in extraction processes, the advent of plant-source meat substitutes, incorporation of traditional medicine, and the clean label movement.
What Are the Critical Driver Fuelling the Plant Extracts Market's Growth?
The plant extract market is seeing considerable growth due to the escalating trend of veganism. Vegans, those who refrain from consuming animal-derived products such as meat, eggs, and dairy, meet their dietary needs through plant-based products. This significant shift towards veganism is credited to data from the Plant-Based Foods Association (PBFA), a US trade organization, which revealed a 6.6% rise in the retail sales of plant-based foods in America in 2022. Hence, the accelerating trend of veganism is fuelling expansion in the market for plant extracts.
How Is the Plant Extracts Market segmented?
The plant extracts market covered in this report is segmented –
1) By Type: Spices, Essential Oils And Natural Extracts, Flavors And Fragrance, Phytomedicines And Herbal Extracts, Phytochemicals, Other Types
2) By Source: Fruits, Flowers And Bulbs, Leaves, Rhizomes And Roots, Barks And Stems, Other Sources
3) By Application: Pharmaceuticals, Food And Beverages, Cosmetics, Other Applications
Subsegments:
1) By Spices: Whole Spices, Ground Spices, Spice Extracts
2) By Essential Oils And Natural Extracts: Aromatherapy Oils, Carrier Oils, Concentrated Extracts
3) By Flavors And Fragrance: Natural Flavoring Agents, Fragrance Oils, Flavoring Extracts
4) By Phytomedicines And Herbal Extracts: Herbal Supplements, Medicinal Plant Extracts, Traditional Herbal Remedies
5) By Phytochemicals: Alkaloids, Terpenoids, Polyphenols
6) By Other Types: Nutraceuticals, Cosmetic Plant Extracts, Feed Additives
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What New Trends Are Influencing the Plant Extracts Market?
Prominent enterprises in the plant extracts sector are concentrating on creating novel products such as PrimeLock, a vegan-friendly substance that emulates animal fat cells. This assists food businesses in improving plant-based product designs and customers in boosting market revenue. To illustrate, in February 2022, Givaudan, a flavor and fragrance company based in Switzerland, introduced PrimeLock+, a naturally occurring, vegan-friendly solution. PrimeLock entraps and guards flavor and fat, discharging them slowly during cooking and eating. This method helps preserve the coveted juiciness in plant-based items like burgers and sausages, which often dehydrate during cooking. This technology allows for a decrease of up to 75% of the fat and 30% of the calories in plant-based goodies without sacrificing taste or mouthfeel.
Who Are the Key Players in the Plant Extracts Market?
Major companies operating in the plant extracts market include:
• Naturex S. A.
• Berkem S. A.
• Kuber Impex Ltd.
• Organic Herb Inc.
• Givaudan S. A.
• Arjuna Natural Pvt Ltd.
• Synthite Industries Private Ltd.
• Martin Bauer Group
• Tokiwa Phytochemical Co Ltd.
• Native Extracts Pty Ltd.
• Symrise AG
• Sensient Technologies Corporation
• PT Indesso Aroma
• Vidya Herbs Pvt Ltd.
• Plant Extracts International Inc.
• Indena S. p. A.
• Nutra Green Biotechnology Co Ltd.
• Nantong Sihai Plant Extracts Co. Ltd.
• Schwabe Group
• Provital Group
• Chenguang Biotech Group Co Ltd.
• Kangcare Bioindustry Co. Ltd.
• International Flavors & Fragrances Inc.
• Kerry Group plc
• Archer Daniels Midland Company
• Kalsec Inc.
• Carbery Group
• Koninklijke DSM N. V.
• Döhler GmbH
• Vital Herbs
• Sydler India Pvt. Ltd.
• Plantnat
• Sabinsa Corporation
• Nexira
What Is The Most Dominant Region In The Plant Extracts Market?
Asia-Pacific was the largest region in the plant extracts market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plant extracts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
